Manitok Energy Inc. Reports Audited Earnings Results for Fourth Quarter and Year Ended December 31, 2016
For the year, the company's petroleum and natural gas revenue was $47,280,000 against $56,210,000 a year ago. Funds from operations were $18,540,000 against $30,390,000 a year ago. Diluted funds from operations per share were $0.10 against $0.40 a year ago. Net loss was $24,694,000 against $27,195,000 a year ago. Diluted net loss per share was $0.13 against $0.36 a year ago. Capital expenditures were $39,793,000 against $40,597,000 a year ago. Net debt as on December 31, 2016 was $75,151,000 against $68,395,000 as on December 31, 2014.
Production for fourth quarter averaged 6,123 boe/d as compared to 4,459 boe/d in 2015.
Production in 2016 averaged 4,602 boe/d as compared to 4,480 boe/d in 2015.